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(Reuters) – Chinese search engine operator Baidu Inc. surpassed Thursday's Wall Street forecast for fourth-quarter revenue and profit, thanks to strong growth in its marketing activities. line.
The sector's revenues increased by almost 4% to 21.2 billion yuan (3.15 billion US dollars) during the quarter ended December 31st.
The company's US-listed shares rose nearly 3% to $ 176.75.
Baidu has forecast a turnover of 23.5 billion yuan in the first quarter, compared to 24.7 billion yuan in the first quarter, while analysts expected 24 billion yuan, according to Refinitiv's IBES data .
In October, the company had forecast lower sales than analysts' estimates for the fourth quarter, citing policy changes and the trade war.
Total revenue increased 15 percent to 27.2 billion yuan, exceeding estimates of an increase of 11.4 percent.
Net profit attributable to the company fell to 2.08 billion yuan ($ 309.55 million) in the quarter, from 4.16 billion yuan a year earlier.
Excluding the items, the company earned 13.18 yuan per US depository share, exceeding estimates of 11.83 yuan per ADS.
(Report by Cate Cadell in Beijing, additional report by Akanksha Rana in Bengaluru, edited by Shinjini Ganguli)
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